The Hull Note's concrete withdrawals and future trade talks

The Hull Note proposed a broad non-aggression framework and required Japan to withdraw military, naval, air, and police forces from China and Indochina. It also recognised only the Nationalist government, threatening Japan's position in Manchukuo. In exchange for these concrete concessions, Washington offered to enter negotiations for a future trade agreement and to address frozen funds and currency stabilisation. Surrendering territory immediately in return for a promise to negotiate possible economic benefits later was a serious mismatch. Manchukuo appears as the most plausible area for compromise, but both governments still demanded outcomes the other could not accept.